{"id":5590,"date":"2022-10-20T04:15:45","date_gmt":"2022-10-20T04:15:45","guid":{"rendered":"https:\/\/www.irstaxapp.com\/?p=5590"},"modified":"2023-04-05T03:58:50","modified_gmt":"2023-04-05T03:58:50","slug":"irs-tax-rates-2023","status":"publish","type":"post","link":"https:\/\/www.irstaxapp.com\/irs-tax-rates-2023\/","title":{"rendered":"IRS tax rates 2023 in Simplified Tables"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><picture><source srcset=\"https:\/\/www.irstaxapp.com\/wp-content\/uploads\/2022\/10\/irs-tax-rates-2023-1024x576.webp 1024w,https:\/\/www.irstaxapp.com\/wp-content\/uploads\/2022\/10\/irs-tax-rates-2023-300x169.webp 300w,https:\/\/www.irstaxapp.com\/wp-content\/uploads\/2022\/10\/irs-tax-rates-2023-768x432.webp 768w,https:\/\/www.irstaxapp.com\/wp-content\/uploads\/2022\/10\/irs-tax-rates-2023-495x279.webp 495w,https:\/\/www.irstaxapp.com\/wp-content\/uploads\/2022\/10\/irs-tax-rates-2023-150x84.webp 150w,https:\/\/www.irstaxapp.com\/wp-content\/uploads\/2022\/10\/irs-tax-rates-2023.webp 1200w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" type=\"image\/webp\"><img src=\"https:\/\/www.irstaxapp.com\/wp-content\/uploads\/2022\/10\/irs-tax-rates-2023-1024x576.png\" height=\"576\" width=\"1024\" srcset=\"https:\/\/www.irstaxapp.com\/wp-content\/uploads\/2022\/10\/irs-tax-rates-2023-1024x576.png 1024w, https:\/\/www.irstaxapp.com\/wp-content\/uploads\/2022\/10\/irs-tax-rates-2023-300x169.png 300w, https:\/\/www.irstaxapp.com\/wp-content\/uploads\/2022\/10\/irs-tax-rates-2023-768x432.png 768w, https:\/\/www.irstaxapp.com\/wp-content\/uploads\/2022\/10\/irs-tax-rates-2023-495x279.png 495w, https:\/\/www.irstaxapp.com\/wp-content\/uploads\/2022\/10\/irs-tax-rates-2023-150x84.png 150w, https:\/\/www.irstaxapp.com\/wp-content\/uploads\/2022\/10\/irs-tax-rates-2023.png 1200w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" class=\"wp-image-5593 sp-no-webp\" alt=\"irs tax rates 2023\" decoding=\"async\" loading=\"lazy\"  > <\/picture><\/figure>\n\n\n\n<p>IRS tax rates 2023 (for taxes due in April 2024) <a href=\"https:\/\/www.irs.gov\/newsroom\/irs-provides-tax-inflation-adjustments-for-tax-year-2023\" target=\"_blank\" rel=\"noopener\">announced by the IRS <\/a>on October 18, 2022, for individuals, married filing jointly, married filing separately, and head of household is given below. The tax brackets clearly show that IRS has adjusted and tried to provide some relief to taxpayers to tackle the soaring inflation as IRS has provided&nbsp;higher federal income tax brackets and standard deductions for 2023. Refer&nbsp;to <a href=\"https:\/\/www.irs.gov\/pub\/irs-drop\/rp-22-38.pdf\" target=\"_blank\" rel=\"noopener\">Revenue Procedure 2022-38<\/a>&nbsp;for details about these annual adjustments.<a href=\"#\"><\/a><\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_62 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-663b34a507579\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-663b34a507579\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.irstaxapp.com\/irs-tax-rates-2023\/#IRS_Tax_Rates_2023_for_Single_Filers_Married_Couples_Filing_Jointly_and_Heads_of_Households\" title=\"IRS Tax Rates 2023 for Single Filers, Married Couples Filing Jointly, and Heads of Households\">IRS Tax Rates 2023 for Single Filers, Married Couples Filing Jointly, and Heads of Households<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.irstaxapp.com\/irs-tax-rates-2023\/#2023_Standard_Deduction\" title=\"2023 Standard Deduction\">2023 Standard Deduction<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.irstaxapp.com\/irs-tax-rates-2023\/#2023_Alternative_Minimum_Tax_Exemptions_Phaseout_Thresholds\" title=\"2023 Alternative Minimum Tax Exemptions &amp; Phaseout Thresholds\">2023 Alternative Minimum Tax Exemptions &amp; Phaseout Thresholds<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.irstaxapp.com\/irs-tax-rates-2023\/#2023_Earned_Income_Tax_Credit_Parameters\" title=\"2023 Earned Income Tax Credit Parameters\">2023 Earned Income Tax Credit Parameters<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.irstaxapp.com\/irs-tax-rates-2023\/#IRS_tax_rates_2023_for_Long_Term_Capital_Gains_Tax\" title=\"IRS tax rates 2023 for Long Term Capital Gains Tax \">IRS tax rates 2023 for Long Term Capital Gains Tax <\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.irstaxapp.com\/irs-tax-rates-2023\/#2023_Qualified_Business_Income_Deduction_Thresholds\" title=\"2023 Qualified Business Income Deduction Thresholds\">2023 Qualified Business Income Deduction Thresholds<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.irstaxapp.com\/irs-tax-rates-2023\/#2023_Gift_Exemption_or_Exclusion_Limit\" title=\"2023 Gift Exemption or Exclusion Limit\">2023 Gift Exemption or Exclusion Limit<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"IRS_Tax_Rates_2023_for_Single_Filers_Married_Couples_Filing_Jointly_and_Heads_of_Households\"><\/span>IRS Tax Rates 2023 for Single Filers, Married Couples Filing Jointly, and Heads of Households<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-background\" style=\"background-color:#eee64630\"><thead><tr><th>Tax Rate<\/th><th>For Single&nbsp;Filers<\/th><th>For Married Individuals Filing Joint Returns<\/th><th>For Heads of Households<\/th><\/tr><\/thead><tbody><tr><td>10%<\/td><td>$0 to $11,000<\/td><td>$0 to $22,000<\/td><td>$0 to $15,700<\/td><\/tr><tr><td>12%<\/td><td>$11,000 to $44,725<\/td><td>$22,000 to $89,450<\/td><td>$15,700 to $59,850<\/td><\/tr><tr><td>22%<\/td><td>$44,725 to $95,375<\/td><td>$89,450 to $190,750<\/td><td>$59,850 to $95,350<\/td><\/tr><tr><td>24%<\/td><td>$95,375 to $182,100<\/td><td>$190,750 to $364,200<\/td><td>$95,350 to $182,100<\/td><\/tr><tr><td>32%<\/td><td>$182,100 to $231,250<\/td><td>$364,200 to $462,500<\/td><td>$182,100 to $231,250<\/td><\/tr><tr><td>35%<\/td><td>$231,250 to $578,125<\/td><td>$462,500 to $693,750<\/td><td>$231,250 to $578,100<\/td><\/tr><tr><td>37%<\/td><td>$578,125 or more<\/td><td>$693,750 or more<\/td><td>$578,100 or more<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"2023_Standard_Deduction\"><\/span>2023 Standard Deduction<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-background\" style=\"background-color:#cafbe8\"><thead><tr><th class=\"has-text-align-left\" data-align=\"left\">Filing Status<\/th><th class=\"has-text-align-left\" data-align=\"left\">Deduction Amount<\/th><\/tr><\/thead><tbody><tr><td class=\"has-text-align-left\" data-align=\"left\">Single<\/td><td class=\"has-text-align-left\" data-align=\"left\">$13,850<\/td><\/tr><tr><td class=\"has-text-align-left\" data-align=\"left\">Married Filing Jointly<\/td><td class=\"has-text-align-left\" data-align=\"left\">$27,700<\/td><\/tr><tr><td class=\"has-text-align-left\" data-align=\"left\">Head of Household<\/td><td class=\"has-text-align-left\" data-align=\"left\">$20,800<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"2023_Alternative_Minimum_Tax_Exemptions_Phaseout_Thresholds\"><\/span>2023 Alternative Minimum Tax Exemptions &amp; Phaseout Thresholds<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Filing Status<\/strong><\/td><td><strong>Exemption Amount<\/strong><\/td><td><strong>Phaseout Thresholds<\/strong><\/td><\/tr><tr><td>Unmarried Individuals<\/td><td>$81,300<\/td><td>$578,150<\/td><\/tr><tr><td>Married Filing Jointly<\/td><td>$126,500<\/td><td>$1,156,300<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"2023_Earned_Income_Tax_Credit_Parameters\"><\/span>2023 Earned Income Tax Credit Parameters<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">(i)Earned Income Tax Credit for Single or Head of Household<\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-background\" style=\"background-color:#d5ecfa\"><tbody><tr><td><strong>Parameter<\/strong><\/td><td>No Children<\/td><td>One Child<\/td><td>Two Children<\/td><td>Three or More Children<\/td><\/tr><tr><td>Income at Max Credit<\/td><td>$7,840<\/td><td>$11,750<\/td><td>$16,510<\/td><td>$16,510<\/td><\/tr><tr><td>Maximum Credit<\/td><td>$600<\/td><td>$3,995<\/td><td>$6,604<\/td><td>$7,430<\/td><\/tr><tr><td>Phaseout Begins<\/td><td>$9,800<\/td><td>$21,560<\/td><td>$21,560<\/td><td>$21,560<\/td><\/tr><tr><td>Phaseout Ends (Credit Equals Zero)<\/td><td>17,640<\/td><td>46,560<\/td><td>52,918<\/td><td>56,838<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">(ii)Earned Income Tax Credit for Married Filing Jointly<\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-background\" style=\"background-color:#faeeca\"><tbody><tr><td>Income at Max Credit<\/td><td>$7,840<\/td><td>$11,750<\/td><td>$16,510<\/td><td>$16,510<\/td><\/tr><tr><td>Maximum Credit<\/td><td>$600<\/td><td>$3,995<\/td><td>$6,604<\/td><td>$7,430<\/td><\/tr><tr><td>Phaseout Begins<\/td><td>$16,370<\/td><td>$28,120<\/td><td>$28,120<\/td><td>$28,120<\/td><\/tr><tr><td>Phaseout Ends (Credit Equals Zero)<\/td><td>24,210<\/td><td>$53,120<\/td><td>$59,478<\/td><td>$63,398<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"IRS_tax_rates_2023_for_Long_Term_Capital_Gains_Tax\"><\/span>IRS tax rates 2023 for Long Term Capital Gains Tax <span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The <strong><em>short-term<\/em><\/strong> capital gains are merged with your gross income and taxed at the same slab rates that apply to normal income. However,<strong><em> <a href=\"https:\/\/www.irstaxapp.com\/real-estate-capital-gains-calculator\/\">Long Term Capital Gains<\/a> are taxed at a special rate<\/em><\/strong>, as given below :<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-background\" style=\"background-color:#e3f0fb\"><thead><tr><th>&nbsp;Tax Rate<\/th><th>For Unmarried Individuals, Taxable Income Over<\/th><th>For Married Individuals Filing Joint Returns, Taxable Income Over<\/th><th>For Heads of Households, Taxable Income Over<\/th><\/tr><\/thead><tbody><tr><td>0%<\/td><td>$0<\/td><td>$0<\/td><td>$0<\/td><\/tr><tr><td>15%<\/td><td>$44,625<\/td><td>$89,250<\/td><td>$59,750<\/td><\/tr><tr><td>20%<\/td><td>$492,300<\/td><td>$553,850<\/td><td>$523,050<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"2023_Qualified_Business_Income_Deduction_Thresholds\"><\/span>2023 Qualified Business Income Deduction Thresholds<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>There is a threshold for the claim of 20 % QBI deduction as it starts phase-outs for taxpayers with income above $182,100 (or $364,200 for joint filers) in 2023<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Filing Status<\/strong><\/td><td><strong>Threshold<\/strong><\/td><\/tr><tr><td>Unmarried Individuals<\/td><td>$182,100<\/td><\/tr><tr><td>Married Filing Jointly<\/td><td>$364,200<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"2023_Gift_Exemption_or_Exclusion_Limit\"><\/span>2023 Gift Exemption or Exclusion Limit<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The <strong>Annual Exclusion for Gifts<\/strong> in 2023 is the <strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\">first $17,000 of gifts<\/mark><\/strong> to any person are excluded from tax, up from $16,000. The exclusion for gifts to spouses who is not citizens of the United States. in 2023 is <strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-luminous-vivid-orange-color\">set at  $175,000<\/mark><\/strong>.<\/p>\n\n\n\n<p>You can also see&nbsp;<a href=\"https:\/\/www.irstaxapp.com\/2022-tax-brackets\/\">tax rates for the year 2022<\/a>&nbsp;and tax brackets for the&nbsp;<a href=\"https:\/\/www.irstaxapp.com\/2021-irs-tax-bracket\/\">year 20<\/a>21on this site<\/p>\n\n\n\n<p class=\"has-medium-font-size\">We have also published <a href=\"https:\/\/www.irstaxapp.com\/tax-brackets-for-estates-trusts\/\">2023 Estate and trust tax rates<\/a> and <a href=\"https:\/\/www.irstaxapp.com\/irs-retirement-pension-plans-limits-2023-2022-chart\/\">IRS retirement plans limits<\/a> for 2023 <\/p>\n","protected":false},"excerpt":{"rendered":"<p>IRS tax rates 2023 (for taxes due in April 2024) announced by the IRS on October 18, 2022, for individuals, married filing jointly, married filing separately, and head of household is given below. The tax brackets clearly show that IRS has adjusted and tried to provide some relief to taxpayers to tackle the soaring inflation [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":5593,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[54],"tags":[],"amp_enabled":false,"_links":{"self":[{"href":"https:\/\/www.irstaxapp.com\/wp-json\/wp\/v2\/posts\/5590"}],"collection":[{"href":"https:\/\/www.irstaxapp.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.irstaxapp.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.irstaxapp.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.irstaxapp.com\/wp-json\/wp\/v2\/comments?post=5590"}],"version-history":[{"count":2,"href":"https:\/\/www.irstaxapp.com\/wp-json\/wp\/v2\/posts\/5590\/revisions"}],"predecessor-version":[{"id":7113,"href":"https:\/\/www.irstaxapp.com\/wp-json\/wp\/v2\/posts\/5590\/revisions\/7113"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.irstaxapp.com\/wp-json\/wp\/v2\/media\/5593"}],"wp:attachment":[{"href":"https:\/\/www.irstaxapp.com\/wp-json\/wp\/v2\/media?parent=5590"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.irstaxapp.com\/wp-json\/wp\/v2\/categories?post=5590"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.irstaxapp.com\/wp-json\/wp\/v2\/tags?post=5590"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}